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2017 British Columbia Budget Submission


Release Date: 10/14/2016
Staff Reference: Peggy McFarland

October 14, 2016

The Honourable Wm. Scott Hamilton, MLA
Chair, Select Standing Committee on Finance and Government Services
Room 224, Parliament Buildings
Victoria, B.C. V8V 1X4
Email: FinanceCommittee@leg.bc.ca

Dear Mr. Hamilton:

Please find attached a submission from the Canadian Life and Health Insurance Association (CLHIA) providing input to your Committee's deliberations on British Columbia's 2017 Budget.

CLHIA represents life and health insurers accounting for 99% of the business in Canada. The life and health insurance industry is a major contributor to B.C.’s economy, with 16,000 British Columbians directly employed by the industry and with investments in the province of almost $80 billion. In 2015, the industry paid $9.7 billion in benefits to British Columbians through supplementary health plans, life insurance, annuities, RRSPs, and disability insurance. In addition, the life and health insurance industry paid $170 million in corporate income tax, premium tax and other taxes in British Columbia...